The GST threshold limit has been increased to 40 Lakhs. This means that businesses with a turnover of up to 40 Lakhs will now be able to register for GST. This is a positive change for small businesses, as it will reduce the compliance burden and make it easier for them to do business. It will also make it easier for them to claim GST credits. The increased GST threshold limit will come into effect from 1st April, 2019.
The GST threshold limit has been increased to 40 lakhs
The long-awaited Goods and Services Tax (GST) was rolled out on July 1, 2017, unifying more than a dozen central and state taxes into one. While the GST is considered to be a major tax reform, it has also been a subject of much controversy. One of the main points of contention has been the GST threshold limit, which originally stood at Rs 20 lakhs. This meant that businesses with an annual turnover of less than Rs 20 lakhs were exempt from paying GST. However, after much pressure from small businesses, the government has now increased the threshold limit to Rs 40 lakhs. This is a welcome move as it will provide much-needed relief to small businesses who were struggling to comply with the GST regulations. With the new threshold in place, it is hoped that more businesses will be able to take advantage of the benefits of the GST regime.
The government is committed to helping small businesses flourish
The GST threshold limit was increased to Rs 40 lakhs after much pressure from small businesses. This is a clear indication of the government’s commitment to helping small businesses flourish. The new threshold will help reduce the compliance burden on small businesses and make it easier for them to do business. It will also make it easier for them to claim GST credits. The increased GST threshold limit will came into effect from 1st April, 2019.
GST is a game changer for the Indian economy
The GST is a game changer for the Indian economy. It is a unifying force that has brought together more than a dozen central and state taxes into one. The GST has also made doing business in India much easier by reducing the compliance burden and making it easier to claim GST credits. The increased GST threshold limit will only make it easier for small businesses to do business and will further boost the Indian economy.
The GST threshold limit increase is great news for small businesses in India. The government has shown its commitment to helping small businesses flourish, and GST is a game changer for the Indian economy. Small businesses can now focus on growing their business without worrying about complex tax laws. We are excited to see how the Indian economy grows in the coming years with the help of GST.